The quotes of the USD/JPY currency pair continue to move within the development of growth and a bullish channel. At the time of publication of the forecast, the US Dollar to Japanese Yen exchange rate is 153.47. Moving averages indicate the presence of a short-term bullish trend for the pair. Prices have broken through the area between the signal lines upwards, which indicates pressure from US Dollar buyers and a potential continuation of price growth from current levels. As part of the forecast of the Japanese Yen exchange rate for November 8, 2024, we should expect an attempt to develop a price decline and a test of the support area near the level of 152.05. Next, a price rebound upwards and continued growth of the USD/JPY pair to the area above the level of 159.45.
USD/JPY Forecast Japanese Yen for November 8, 2024
An additional signal in favor of the rise of the USD/JPY currency pair will be a test of the support line on the relative strength indicator. The second signal will be a rebound from the lower border of the bullish channel. The cancellation of the option of rising of the Dollar Yen currency pair will be a fall and a breakout of the level of 150.55. This will indicate a breakout of the support area and a continuation of the decline of the Dollar/Yen currency pair. In this case, we should expect a continuation of the fall of the pair to the area below the level of 148.35. We should expect confirmation of the price increase with a breakout of the resistance level and consolidation of the price above the level of 155.25.
USD/JPY Forecast Japanese Yen for November 8, 2024 suggests an attempt to test the support area near the level of 152.05. Then, the continuation of the growth of quotes to the area above the level of 159.45. A test of the trend line on the relative strength indicator will be in favor of the rise of the pair. The cancellation of the growth option will be a fall and a breakout of the area of 150.55. This will indicate a breakout of the support level and a continuation of the fall in the pair with a potential target below the level of 148.35.
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